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first_imgThe current economic crisis, she went on to say, had hit all kinds of businesses, adding that the government aimed to make sure businesses survived by reviving the demand side and restoring the supply side.The government has earmarked Rp 695.2 trillion ($46.6 billion) to finance the country’s COVID-19 fight and boost economic recovery, which is expected to widen the budget deficit to 6.34 percent.The coronavirus outbreak caused the country’s economy to shrink 5.32 percent in the second quarter this year as all components of economic activity fell significantly. The government expects the economy to contract 1.1 percent this year, or to grow 0.2 percent at best.The government recently announced that economic recovery and structural reform would be at the core of the 2021 state budget policy. Indonesia is aiming to capitalize on the coronavirus crisis to conduct structural reforms including in human capital and infrastructure, among other things, as the coronavirus pandemic posed a “short-term challenge” to the country’s economy.Finance Minister Sri Mulyani Indrawati pledged on Wednesday the government would use all policy instruments to face the coronavirus pandemic, adding that the current economic situation was different than the 1998 Asian financial crisis and the 2008 global financial crisis.“We will use all of our policy instruments to face this short-term challenge without losing sight of what is really important such as human capital, infrastructure, efficiency of bureaucracy and the ease of doing businesses,” Sri Mulyani said during the webinar “Reimagining the future of Indonesia’s economy”, which is part of The Jakarta Post’s webinar series “Jakpost Up Close”. “Structural reform must also be carried out in education, health, social protection and budgeting and the taxation system,” President Joko “Jokowi” Widodo said in his annual state budget speech before the People’s Consultative Assembly in Jakarta last week.Jokowi also stated in his inauguration speech last year that he aimed for the country to escape the middle income trap by 2025, becoming an advanced country with an annual income of Rp 320 million per capita, or a monthly income of Rp 27 million per capita.Sri Mulyani stated that the government would continue its plan to conduct structural reforms, including through the omnibus bill on job creation and infrastructure development.The omnibus bill is expected to help the government attract more investment by revising 79 laws and more than 1,200 articles deemed harmful to Indonesia’s ease of doing business, amid concerns over environmental and labor rights, among other things.“We are hoping that the omnibus bill can be passed [by next year],” she said. “Infrastructure development, budget support and ease of doing business can all create confidence for the business community and consumers” once the coronavirus crisis subsides, she added.Red tape prevented Indonesia from climbing up the World Bank’s ease of doing business ranking last year, hence why the country has been ranked 73rd since 2018. The President wants the country reach the 40th position this year.Topics :last_img read more


first_imgFirst introduced in the Netherlands in 2004, the CDC underwent an “extreme stress test” during the financial crisis of 2008-09, offering “valuable learning opportunities” for UK legislators and regulators, Bennett and Van Meerten wrote. However, the credit crunch also brought up issues of “intergenerational fairness”, the authors warned.Within a CDC plan, the employer contribution was fixed either as a percentage or a specific amount, which has led “to the conclusion that the younger employee’s employer contribution is supporting the older employee’s target benefits”, wrote Bennett and Van Meerten. Yet the smoothing effect, achieved by the pooling of assets as well as mortality and longevity risks, could lead to higher annual benefits for scheme members, said Bennett.“The CDC scheme is between the two extremes [of DB and defined contribution plans],” he said. “Yes the income could go down, but the volatility should also be damped down – and it should be more stable.”Under the terms of existing Dutch schemes, members bear responsibility for any underfunding risks, rather than the employer. Unlike the UK, the Netherlands has no Pension Protection Fund that could step in to provide compensation in the event of company insolvency.A lukewarm receptionIn a written submission to the UK parliament’s Work and Pensions Select Committee, which conducted a recent consultation on the CDC concept, independent consultant John Ralfe claimed that the structure seemed “to require successive generations of new members, each able to pay the previous generation, if necessary – suspiciously like a Ponzi scheme”.In its submission, Willis Towers Watson offered qualified support for CDC but added: “We would not advocate one which compelled employers to replace defined contribution [DC], DB or risk-sharing designs with CDC, nor one which led to accrued DB benefits being converted to CDC target benefits without members’ consent.”However, the mooted scheme has received support.“If there were a CDC, then the employees would have more income security after retirement and employers would not have to take on open-ended risk,” said Alwin Oerlemans, chief strategy officer at APG.Yet concerns remain about further complicating an already-complex UK pensions system.“Existing legislation gives you enough tools and flexibility, so why people are looking to add another system is something that has me scratching my head,” said Ralph Frank, head of Cardano’s DC business.“In DC, it is the member that bears the risk of shortfall. In DB, it is the employer – and with CDC it supposedly sits somewhere in between.“For me, it’s like being pregnant: either you are or you aren’t. It needs to be clear who bears what part of the ultimate risk.” UK defined benefit (DB) scheme members could see higher and more stable pensions if the country learned from the Dutch approach to collective defined contribution (CDC) plans, according to the Pensions Institute.In a discussion paper comparing the legislative and regulatory framework for the Netherlands’ DB and CDC schemes with the UK’s DB plans, the paper’s authors Philip Bennett and Hans van Meerten suggested the Dutch experience could “usefully inform the thinking on the legal and regulatory framework for a UK CDC scheme”.The UK government announced in March this year that it was looking at how to implement CDC, following moves by the Royal Mail in partnership with the Communication Workers Union to launch such a plan.However, the government department responsible for pensions indicated this week that it was not seeking to legislate for CDC.last_img read more


first_img“Trustees are anxious for information on how COVID-19 will affect their scheme,” said Steve Leake, XPS head of demographics.“As the answer relies on so many unknown factors, we believe it is necessary to consider a full range of potential scenarios and we have used an innovative combination of traditional actuarial methods and modern data science techniques to deliver a ground-breaking analysis of the economic and disease impacts on scheme funding over the long term.”£5m deal shows small schemes’ ability to access bulk annuity marketThe DB pension fund of Premaberg Holdings Limited, a UK manufacturer, has completed a £5m bulk annuity transaction described as “a major step” towards fully settling the plan’s legacy obligations.The deal, which is a buy-in, covers 50 members, of which around 80% are pensioners in payment.The transaction was struck with Just Group and completed using Mercer’s streamlined quotation service, which monitors buy-in pricing.Ruth Ward, principal in Mercer’s risk transfer team, was lead consultant on the deal, and said it demonstrated that “smaller schemes can and do achieve successful bulk annuity transactions, despite continued high demand from much larger schemes”.They have to “work harder” to get insurers’ attention, however, she said, citing preparation and following a streamlined process as key ingredients in Premaberg’s case.Jo Richardson, chair of the trustees, said: “We’re delighted to have secured our members’ DB pensions through this bulk annuity transaction. The ability to regularly monitor actual insurer pricing was invaluable, allowing us to quickly take advantage of improved market pricing earlier this year and transact firmly within our price trigger.”Widening of credit spreads earlier this year in response to the pandemic-fuelled economic shutdown improved the affordability of bulk annuities.The Premaberg deal is not the first bulk annuity transaction for a small pension scheme this year. Earlier this month, for example, the Superannuation Scheme for a farmers’ cooperative secured the benefits of all its 120 members via a £13m buyout with Legal & General.A spokesperson told IPE the Premaberg pension fund had £5.2m in assets under management.More work urged on drawdown decision-makingOnline pension provider PensionBee is calling on the pension industry to do more to support those accessing or considering accessing defined contribution (DC) pensions.It made the call in connection with report and research it commissioned to understand the barriers and challenges faced by those aged 55-70 making plans to access, and at the point of accessing, their DC pension.Findings from a survey of 961 people included that more than a quarter (27%) of people who tried to access their pension did not go through with it because they were confused about which options were available to them.PensionBee said the survey showed that people had a low level of understanding of how much they are able to withdraw, with around one third (34%) of participants thinking a sustainable withdrawal rate was 8% or higher and one in seven (14%) saying they did not know.Another finding was that three-quarters of people have had to wait for four weeks or longer to access their pension savings, a third said the process took between one and two months, and 14% of people had to wait for five months or more.Romi Savova, CEO of PensionBee, said: “Pension providers have a responsibility to support their customers, particularly during this time of economic uncertainty, and should offer easily accessible information to allow consumers to plan ahead for their financial future.“It is now more important than ever for providers to develop straightforward and flexible products to help consumers drawdown simply and efficiently. The industry needs to come together and continue to innovate – it’s time to give back control to the consumer.”ALooking for IPE’s latest magazine? Read the digital edition here. Consultancy XPS has carried out scenario analysis showing a reduction in liabilities by up to 5% across the defined benefit (DB) universe, equivalent to around £90bn (€97bn), from the potential long-term impact of COVID-19 on life expectancy.This is the longevity impact on funding levels in the firm’s “global depression” scenario, one of five scenarios it has developed to model pension schemes against.The scenarios also consider the potential long-term impact of COVID-19 on a scheme’s investments. In its global depression scenario the consultancy estimated that schemes’ funding could be hit by 13% due to investment losses.At the other end of the spectrum, in XPS’s “minimal disruption” scenario, it saw no longevity impact on the funding level and a 6% boost from investments.last_img read more


first_imgITV News 16 February 2016Family First Comment:  “We don’t want children to learn about sex and relationships through the warped lens of adult pornography – there are good reasons for restricting pornographic magazines and DVDs to adults which the NSPCC has long argued should apply equally online. The easy availability to children of online pornography, much of it extreme, violent and profoundly degrading, is of deepening concern. It can leave them feeling frightened, confused, depressed or upset.”  Exactly!Adult websites could be sanctioned if they don’t adopt age verification measures in a bid to stop children accessing internet pornography.How to keep your children safe from online pornA government consultation published today details plans to create a new regulatory frame-work to tackle the issue which campaigners say is of “deepening concern”.The paper warns while porn sites based in the UK are already required to have robust age controls in place, the most visited porn sites in the UK are actually based elsewhere.It says there is a “rationale for government intervention” as children would not be able to legally access this type of content in the offline world.1.4m   unique visitors under 18 accessed pornographic sites from their computer in May 201513%    of children aged 6-14 visited a pornographic site in May 201520%    of children aged 11-17 surveyed for ChildLine said they had seen images that had upset themThe paper notes that regulators could notify payment providers advertisers who provide services to sites that are in breach of the regulations, enabling them to withdraw services.Internet Safety and Security Minister Baroness Shields said: “The internet is a tremendous resource for learning and creativity but it is important to make sure that children are able to make the most of all it has to offer in a safe way.“So we are delivering on our manifesto promise by launching this consultation today, which proposes we require companies providing this pornographic content to ensure they have safeguards in place to ensure those accessing their websites are over 18.”A public consultation on the new regulatory framework will run until 12 April.    ” We don’t want children to learn about sex and relationships through the warped lens of adult pornography – there are good reasons for restricting pornographic magazines and DVDs to   adults which the NSPCC has long argued should apply equally online.       The easy availability to children of online pornography, much of it extreme, violent and profoundly degrading, is of deepening concern. It can leave them feeling frightened, confused, depressed or upset.       – Peter Wanless, Chief Executive of the NSPCChttp://www.itv.com/news/2016-02-16/age-verification-for-adult-websites-in-bid-to-stop-children-watching-porn/Keep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more


first_img Share 14 Views   no discussions Share Sharing is caring! LocalNews Second Leg of Dominica Hotel & Tourism Hike Festival Impressive by: – May 16, 2011center_img Tweet Share The Dominica Hotel and Tourism Association in collaboration with the Discover Dominica Authority held the second leg of its Hike festival 2011 over the weekend which explored part of segment 4 of the Waitikubuli National trail.The hikes form part of Tourism Awareness Month.President of the DHTA Simon Walsh says the turnout was again very impressive.He says there was only one technical challenge on the trail.The final hike will be on this Saturday and will explore segment 3 of the trail Dominica Vibes Newslast_img read more


first_imgShelby County, In. — A 28-year-old Vevay woman was killed in a Saturday morning crash on I-74 in Shelby County.A report from the Indiana State Police says Samantha Boyer was westbound when she drove off the side of the road, came back across the the westbound lanes and rolled several times.When first responders arrived on scene they found a female outside of the vehicle unresponsive and not breathing. Despite life saving efforts, Samantha Boyer was pronounced dead at the scene. A male passenger was entrapped and had to be extricated by the fire department and was later transported to Methodist Hospital in critical condition.The investigation is ongoing and there is no further information to release at this time.last_img read more


first_imgThe SDMS AquaTrojans grab their first wins of the season as they traveled to Greendale to face the Bengals.  SDMS Girls won 122-50 while the boys won 140-5.    Individual Winners include: Bree Cleary 1 meter diving; Logan Burbrink 1 meter diving; Riley Reany 200 Freestyle, 50 Backstroke; Kyle Goodwin 200 Freestyle, 50 Butterfly; Henry Strotman 100 IM, 100 Freestyle; Aubree Popen 50 Freestyle, 50 Butterfly; Brayden Burbrink 50 Freestyle; Reagan Reany 400 Freestyle; Andrew Strotman 400 Freestyle; Issac Quick 50 Backstroke; Elle Jankovsky 50 Breaststroke; Ayden Ketchem 50 Breaststroke.   SDMS won all 4 relays against Greendale.     The AquaTrojans will have their 2nd road meet on Thursday Sept 5 as they travel South to visit the Squires from South Dearborn. Go AquaTrojans!!!   Courtesy of AquaTrojans Coach Brandon Loveless.last_img read more


first_imgRelatedPosts Ighalo: My best moment as ‘Red Devil’ China waste treatment plant fined $16m for dumping untreated waste Breaking: Ighalo blocked Osimhen’s Man U move — Brother Shanghai Shenhua forward Odion Ighalo has scored his first goal in the Chinese Super League since May when he left to represent Nigeria at 2019 Africa Cup of Nations.Ighalo grabbed the match-winning effort for the hosts in a 2-1 win against Dalian Yifang at the Hongkou Stadium on Sunday, to secure their second straight win in the league.Yannick Carrasco put the visitors ahead in the first minute before Giovanni Moreno levelled matters in the 25th minute.The 30-year-old Ighalo, who recently recovered from an ankle injury, then finished off Cao Yunding’s cross to put Shanghai Shenhua ahead in the 38th minute.The strike was Ighalo’s eighth goal in the Chinese Super League this season and he will be hoping to build on it when his team visit Chongqing Dangdai Lifan for their next fixture on Friday.Shanghai Shenhua are 11th in the league log with 30 points after 26 matches.Tags: ChinaDalian YifangOdion Ighalolast_img read more


first_imgRelatedPosts Plateau United target 2021 CAF champions league berth Plateau United dedicates continental ticket to fans Breaking: NFF adopts PPG, sets new date for league kick off The Confederation of African Football says it will accelerate the payment of final tranche of financial rewards to participating clubs in its inter-club competitions for the 2019/20 season.The continental football governing body, in a statement on Saturday, said this was in light of growing concerns and evolving nature of COVID-19 pandemic, leading to the suspension of football activities across the continent. The statement quoted CAF President, Ahmad Ahmad, as saying that the distribution, which has since begun, is to reduce the financial burden on the 32 clubs that reached the group stages of the Total CAF Champions League and Total CAF Confederation Cup.The statement quoted Ahmad as having said: “Clubs will receive their dues based on the established prize monies for each competition till the quarter-final stage, when the two competitions were suspended indefinitely due to COVID-19.“The minimum guaranteed for clubs participating in the Total CAF Champions League is $550,000 and $275,000 for the Total CAF Confederation Cup.“The world of football, and for that matter African football, is going through unprecedented difficulties.“The current situation has had a telling effect on African football stakeholders, and CAF is being responsive to the needs of our Clubs, one of our key stakeholders, by facilitating the payment of their prize monies well ahead of time.” The News Agency of Nigeria reports that usually, clubs receive their financial entitlements for the inter-club competitions at the end of the season.The statement, however, noted that CAF is monitoring the situation closely and working with the relevant authorities, including the Wealth Health Organisation, on the impact of the virus on the continent, and will announce developments at the appropriate time.Tags: CAF Champions LeagueCAF Confederation CupConfederation of African Football. Ahmad Ahmadlast_img read more


first_img “I think maybe he just doesn’t have the fear that other managers have in giving people a chance, you know? “I think if we then didn’t take our chance, then we probably wouldn’t be where we are now. “He has no fear in giving you a chance, but then it is obviously up to the player to take it.” Dier arrived at Spurs last summer from another club happy to put their trust in youth, Sporting Lisbon, whose youth system he came through. It is a learning experience the 21-year-old reflects on positively, so too the chance to go to Euro 2004 as a fan growing up in Portugal. Now, 11 and a half years on, Dier could well find his way playing at a European Championship, although the defensive midfielder is not getting ahead of himself. “I am sure that’s what the manager wants, problems,” he said of young talent pushing the more experienced squad members. “Hopefully we have given him some and us young lads have just got to keep pushing. “I am sure more experienced players will be worried about that and they’ll keep pushing. “It is just a matter of keep going and see what happens. I just try my best and see where that takes me.” It will mark quite the rise for Dier, who a few months ago missed out on the England squad for the Under-21 European Championship. John Stones was amongst those preferred but suffered concussion just before the first match. Everton rejected a transfer request from the 21-year-old amidst interest from Chelsea, but the former Barnsley defender responded strongly to that disappointment. Stones was coy when asked about that period, only saying his focus always remained on f ootball, but was more forthcoming when asked about Roberto Martinez’s suggestion he could one day captain England captain. “To be honest, I smile at first and probably forget about it the next day, w hich is a good thing, so it doesn’t play on my mind as much,” he said. “It is so humbling to hear that, from my manager, and from a lot of peers that say it as well, and hopefully in the future it can come true.” Since arriving at Southampton in January 2013, the former Argentina international has embraced young home-grown talent like no other top-flight boss. Pochettino has helped nurture 10 of the last 18 newly-capped England players, including the likes of Harry Kane, Adam Lallana and Nathaniel Clyne. Eric Dier believes England have a lot to thank Mauricio Pochettino for as, unlike many Premier League managers, the Tottenham head coach is not hamstrung by “fear” when it comes to giving young players a chance. All three featured in Tuesday’s 2-0 win against France – a match which saw his latest young talents make their first international starts. Dele Alli repaid the faith with a goal and man-of-the-match performance, while Tottenham team-mate Dier continued to impress in defensive midfield having been converted into the role by Pochettino over the summer. “If you’d told me that in the summer that I would make my debut as a midfielder, I’d have thought you were crazy,” the latter said with a laugh. “I think the manager was probably the only one who believed it at the beginning of the year and hopefully I have proved a lot of people wrong. “I am really pleased the manager (Roy Hodgson) gave me a chance and hopefully I took it. That’s what you’ve got to do when you get chances.” However, chances are often few and far between for young English talent in the Premier League, making Pochettino’s impact all the more impressive. “Our club manager is giving young English players a chance and if you take it then I guess that’s where you can end up,” Dier said. “I think that’s what all us young Spurs boys have been doing. Press Associationlast_img read more